by ZeroHedge News Staff at ZeroHedge
50bps cut… uber-dovish Dots… Powell pushed back… stocks end red, dollar and yields end higher.
“The US economy is in a good place and our decision today is designed to keep it there,” said Fed Chair Pay Powell during the press conference.
So a crisis-level 50bps rate-cut at record highs for stocks and home prices, just two months ahead of the election is warranted because the “economy is in a good place.”
The next time the Fed meets, voters will have already cast their vote for the next president.
Powell on incorporating political factors into Fed decisions:
“We just don’t do that.”
But Kamala liked it:
“The Fed’s rate decision is welcome news for Americans.”
And none other than Democratic Congresswoman Maxine Waters of California applauded the Fed’s rate cut in a statement:
“I am pleased that the Fed has not only remained independent, but shown the importance of remaining independent as it followed the data and not politics.”
Republican Senator Kevin Cramer of North Dakota criticized the Fed’s move in a post on social media:…
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